Kuwait Projects Co SPC Limited 3rd Quarter Results (3390G)

TIDM61DH

RNS Number : 3390G

Kuwait Projects Co SPC Limited

14 November 2022

Immediate Release

KIPCO announces a net profit of KD 5.9 million (US$ 19 million) for the first nine months of 2022

'Positive Q3 performance from our banking, industrial & real estate operations' says company's Group CEO

Kuwait City, 14 November 2022: KIPCO - the Kuwait Projects Company (Holding) - has announced a net profit of KD 5.9 million (US$ 19 million) for the first nine months of 2022. Earnings per share for the said period came to 1 fils (US$ 0.32 cents).

For the third quarter of 2022 (the three months ended September 30, 2022), the company reported a net profit of KD 0.5 million (US$ 1.6 million).

The decrease in profitability is due to the upward restatement of the one-off gain from Gulf Insurance Group's acquisition of AXA in the third quarter of 2021. The reported numbers also reflect the fluctuation in the overall investment environment in 2022.

Operational revenue for the nine-month period came to KD 507.4 million (US$ 1.6 billion), and operating profit from continued operations stood at KD 58.5 million (US$ 188.8 million).

KIPCO's consolidated assets for the first nine months of the year stood at KD 10.3 billion (US$ 33.2 billion), compared to KD 10.2 billion (US$ 32.9 billion) reported at year-end 2021.

Sheikha Dana Nasser Sabah Al Ahmad Al Sabah, KIPCO's Group Chief Executive Officer, said:

"Our core operations in the banking, industrial and real estate sectors have fared well during this quarter. With the completion of KIPCO's transformative merger with Qurain Petrochemical Industries in the next few weeks, we are confident that we will report stronger performance at year-end."

- Ends -

Notes to Editors:

Kuwait Projects Company (Holding) - KIPCO - is a holding company that focuses on investments in the Middle East and North Africa. Its strategy of acquiring, building, scaling and selling companies in the MENA region has worked successfully for over 30 years.

KIPCO's main business sectors are financial services, media, real estate and industry. KIPCO's financial service interests include holdings in commercial banks, insurance companies, asset management and investment banking.

The conversion rate used is US$1 to KD 0.30985

Further information:

   Eman Al Awadhi               Group Senior Vice President 

Corporate Communications & Investor Relations

T: [phone]

M:[phone]

[e-mail]

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

QRTEADFLFEKAFFA

(END) Dow Jones Newswires

November 14, 2022 08:08 ET (13:08 GMT)